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Taiwan Stock Exchange May Return Friday's Gains

 


The Taiwan Stock Exchange rebounded on Friday, a day after ending two consecutive days of gains during which it gained more than 170 points, or 0.7%. The Taiwan Stock Exchange is now just above the 23,030 point plateau, although the figures are expected to open under pressure on Monday.

Global forecast for Asia markets The situation is weak, with oil and technology stocks likely to drag the stock markets down. European and US markets ended with slight losses and Asian markets are expected to follow suit.

The TSE ended slightly higher on Friday after gains in technology and plastics companies, while financial results were mixed.

Over the day, the index gained 126.27 points, or 0.55%, to close at 23,032.25 after having fluctuated between 22,896.72 and 23,142.40.

Among assets, Cathay Financial and E Sun Financial both fell 0.17 percent, while Mega Financial gained 0.37 percent, CTBC Financial added 0.40 percent, First Financial and MediaTek gained both rose 0.36 percent, Fubon Financial climbed 1.15 percent, Taiwan Semiconductor Manufacturing Company added 0.63 percent. , United Microelectronics Corporation fell 1.24 percent, Hon Hai Precision rose 0.71 percent, Largan Precision rose 1.29 percent, Catcher Technology jumped 1.75 percent, Delta Electronics rose 0.26 percent, Formosa Plastics advanced 0.88 percent, Nan Ya Plastics rose 0.61 percent and Novatek Microelectronics and Asia Cement remained unchanged.

Wall Street's lead was weak as the major averages opened higher on Friday but faded throughout the day and finished slightly underwater.

The Dow lost 45.24 points or 0.12 percent to end at 39,118.86, while the NASDAQ fell 126.10 points or 0.71 percent to close at 17,732.60 and the S&P 500 fell 22.39 points or 0.41 percent to finish at 5,460.48.

For the week, the NASDAQ rose 0.2 percent, but the Dow and S&P 500 both fell 0.1 percent. However, both the NASDAQ and S&P 500 posted substantial gains for the first half of 2024.

The initial strength on Wall Street followed a Commerce Department report showing that May inflation matched estimates, generating renewed optimism about the outlook for interest rates.

The subsequent market pullback may have reflected a negative reaction to a reversal in Treasury yields, which initially fell after the data was released but then rebounded firmly into positive territory.

Oil prices trended slightly lower on Friday, after hitting a two-month high on profit-taking. West Texas Intermediate crude for August delivery fell $0.20 or 0.2 percent to $81.54 a barrel.

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